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Unlocking America’s Future Weekly Wrap-Up: New Polling Shows Strong Support for SEC Climate Risk Disclosure Rule

April 12, 2024

This week in responsible investing, new polling shows strong support for the U.S. Security Exchange Commission’s (SEC) climate risk disclosure rule; the House Financial Services Committee held a hearing on the new rule, and more:

New polling conducted by Morning Consult on behalf of Unlocking America’s Future found strong support for the SEC rule, with nearly two-thirds of voters believing working Americans, retirees, and investors have a right to know the climate related risks associated with large corporations. 

From UAF’s release: “Despite efforts from billionaires to protect the status quo, voters hold large companies responsible for managing their impacts on the environment. That sentiment is true across party lines. The fact is that Americans agree publicly-traded companies should be legally required to disclose data about their climate-related risks. Congress should stand with Americans and support the SEC’s rule.”

UAF released a memo detailing how congressional efforts to overturn the SEC’s climate risk disclosure rule will fail.

From the memo: Nonetheless, the House Financial Services Committee, of which some of its members have taken over $5 million in campaign contributions from the oil and gas industry, held a hearing on a Congressional Review Act (CRA) resolution on Wednesday, April 10th. Despite the escalating political attacks, this memo outlines why the CRA will ultimately fail. The benefits of the SEC’s climate risk disclosure rule and Americans’ broad, bipartisan support will take this rule over the finish line.

The House Financial Services Committee hearing on the SEC rule featured an oil industry bigwig. 

From UAF’s fact sheet: Liberty Energy CEO Chris Wright has gone on the record saying “there is no climate crisis” and has ignored well-established science of climate change, saying “We have seen no increase in the frequency or intensity of hurricanes, tornadoes, droughts or floods despite endless fearmongering of the media, politicians and activists.” His videos were briefly removed from LinkedIn after they were flagged for misinformation.

From UAF’s post-hearing statement: “The comments made by some members of the House Financial Services Committee at today’s hearing were transparently self-serving attempts to appease the interests of the oil and gas industry in killing the SEC’s climate risk disclosure rule. Unlocking America’s Future commends Reps. Sean Casten (IL-06), Sylvia Garcia (TX-23), and Ranking Member Rep. Maxine Waters (CA-43), among other Committee members, for standing up to Big Oil and calling out witness’ testimony that undermined the SEC rule’s benefits to the American financial system and retirees.The attacks made today are in direct contradiction with what investors demand and the American people want, who overwhelmingly and across party lines support climate disclosures and responsible investing.” 

Ceres’ Kirsten James wrote an op-ed published in Reuters on how the climate risk disclosure rule will help water conservation efforts.

From the op-ed: The new SEC rule will give investors some of the sorely needed consistent, comparable and transparent information they have been seeking, and that is crucial to ensuring long-term portfolio value and beneficiary returns. The rule requires companies to disclose material physical risks they are exposed to including acute risks – shorter term weather events, such as hurricanes, floods, tornadoes and wildfires – and chronic risks from drought, rising sea levels and other longer term weather patterns. Related risks could include decreases in arability of farmland, habitability of land and availability of fresh water, according to the rule.

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